The Smart Parking Management System Market Revenue to reach $5.39 billion by 2023

The impact of regulations and growing demand for smart mobility are expected to drive the market growth.

Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Smart Parking Management System Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” (January 2018).

According to Infoholic Research, smart parking solutions are expected to replace unorganized parking solutions with more organized solutions. The increasing demand for automated parking and technology advancements in respective countries are expected to drive the smart parking system market growth. Local governments are partnering with technology vendors to solve the road congestion problems in urban areas. The commercial and industrial end-users have started adopting parking solutions to organize the parking process, thereby helping the customers to find a parking place easily. However, price constraints affect the adoption of smart parking solutions as they directly impact the ROI of the parking unit.

Parking types include on-street and off-street parking solutions. The on-street and off-street parking providers are largely focusing on automating the entire parking experience for the user. The on-street providers have already adopted parking sensors, automated payment solutions, and others. The off-street parking solutions are expected to account for more revenue due to the increasing demand for more organized parking solutions. These are expected to post huge demand for automatic street lighting solutions to rescue the maintenance charges for operators. The off-street solutions market is expected to grow at a higher CAGR during the forecast period.

The end-users are corporate, industrial, commercial, governments, airports, residential, hospitality, and others. The commercial users include shopping malls, commercial or shopping centre and other similar places. The need for augmenting vehicle traffic and automating the parking management process in commercial segment is emerging in recent years. These groups are using smart parking solutions to reduce congestion and parking time, and thus increase the customer experience. The commercial and airports segments are expected to grow at a CAGR of 30.4% and 26.6%, respectively during the forecast period 2017-2023. The corporate parking facilitators are expected to be integrated with nearby parking solution providers to offer shared-parking facilities to the users.

The smart parking categories covered in the report include Parking Guidance and Information System (PGIS), transit-based information system, automated parking, and others. PGIS is in great demand in recent years to build a smart parking solution. The transit-based information system is expected to get huge demand in Europe and the Americas owing to the increasing adoption of connected and autonomous vehicles. The automated parking is expected be the emerging trend for parking providers. However, traditional parking solution vendors are not focusing on building these systems yet, owing to the lesser traction for the same. PGIS is expected to account for nearly 40% of the segment’s revenue by 2023. The automated parking market, which offers automated parking facilities to the vehicles, is expected to emerge as a new market by 2020 owing to the increasing demand for fully-autonomous vehicles.

The components segment includes sensors, display units, cameras, data collector and center processor, inductive loop detectors, parking meters, and others. The sensors segment consists of a variety of sensors ranging from radar sensors, image sensors, parking sensors, active infrared sensors, ultrasonic sensors, and others. The parking meters are largely dominated by the local vendors, which facilitate the guidance system for users. The display units and cameras are expected to witness low growth due to the changing technology ecosystem. The data collection and processing are expected to gain more traction in the future due to the increasing demand for pre-booking, providing more user-centric offerings.

The solutions and services include parking reservation management, integrated payments, monitoring and reporting, intelligent street lighting, vehicle detection technologies, and others. The parking reservation management is expected to grow at a CAGR of 39.4% during the forecast period due to the increasing demand for parking reservation services at commercial places, airports, and tourist destinations among others. The monitoring and reporting and vehicle detection technologies are expected to be in demand due to the need for replacing time-consuming manual procedures with more automated solutions. The integrated payments include providing payment solutions with least intervention from the user. These are very much needed in offering automated parking solutions. Intelligent street lighting is also a key business opportunity for parking solution vendors to reduce the maintenance costs with the help of technology.

The parking technology types include sensor technology, mobile technology, RFID, and others. RFID is much popular among smart parking management system, which provides speedy sensing technologies by “identify and track” tags attached to vehicles. The mobile technologies are much popular in recent years owing to the increasing smart mobile applications and Internet penetration, which is expected to grow at a CAGR of 25.2% during the forecast period.

The global market is segmented into the regions of the Americas, Europe, APAC, and ROW. The Americas is the leading adopter of smart parking technologies followed by Europe and APAC. The Americas region is widely adopting digital technologies due to the focus on implementing smart cities and higher adoption rate for smart parking solutions. The US, the UK, Canada, Spain, and China are some of the leading consumers of the smart mobility technology with the support from the government and growing trend of using advanced technologies in traveling.

“Smart parking management solutions are expected to increase by 65% in urban regions in the next 5–6 years. The massive adoption rate is expected to post huge requirement for the implementation of cloud platforms, analytics solution, and in-app payment options or automatic payment solutions. The Americas and Europe would remain as the leading adopters of smart mobility solutions till 2025. Post-2025, APAC will become the leading adopter owing to the huge demand for infrastructure development in the region.” Srujan, Research Analyst at Infoholic Research

The report covers the present scenario and the growth prospects of the smart parking management market during the forecast period 2017–2023.

The report provides an in-depth analysis and forecast about the industry covering the following key features:

The report gives details about the smart parking management market

The report is analyzed based on parking types, end users, smart parking category, components, solutions and services, technology and software types and regions